31 Jul 2008 07:00
31 July 2008
New Contracts and Half Year Trading Statement
Brady plc ("Brady" or "the Company") is pleased to announce the following new contracts. These contracts are in line with the Company's strategic plans and the Board believes that they provide positive evidence of the success of the recent re-organisation and investment in building its routes to market. The revenue from these new contracts is anticipated to be recognised in the second half of this year and beyond.
* A Category 1 London Metal Exchange ("LME") ring dealing member has selected Brady as its provider of specialist software for dealing and processing of all LME exchange traded and OTC metal trades. * A leading cable manufacturer in the Gulf region has selected Brady to support the organisation's risk management and hedging operations. * One of the world's largest cable manufacturers has selected Brady's solutions to support their European risk management operations.
The Company is also pleased to provide an update on trading performance for the half year to 30 June 2008.
The Company has seen a growth in the size and strength of its sales pipeline, as evidenced by the ability to secure the recent contract wins above. The Company achieved greater services revenues than anticipated in the first half of 2008. As forecast, there has been limited opportunity to recognise significant licence revenues before the second half of this year. In aggregate, the Company achieved broadly similar revenues for the first six months of 2008 compared to the comparable period in 2007. This translated to a modest profit before taxation compared to a profit before taxation of ‚£0.1 million for the half year to 30 June 2007. Cashflow was strongly positive and the Company continues to have significant cash resources, which increased to ‚£6.7 million at 30 June 2008.
The Company's trading continues in line with the Board's expectations for the full year.
Full details of the Company's financial performance for the period will be provided in the interim results, which are expected to be announced in the second week of September 2008.
Contact Information:
Brady plc +44 (0)1223 479479 Gavin Lavelle, Chief Executive Officer Tony Ratcliffe, Finance Director Oriel Securities Limited +44 (0)20 7710 7600
Andrew Edwards
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